Light and informative stories from LCG and the world of online trading.
The 3 biggest factors for choosing of broker
Especially when you first start trading, but even as an experienced trader there are 3 boxes that any online broker should tick. There are many considerations for your choice of broker. These might include trading costs like spreads, the trading platform, available markets, quality of market research etc. However these three ideas could well be the most important. These attributes directly affect the safety of your money and the reliability of your trading experience.
1) A functioning platform with excellent customer support
Very few brokers have a platform that meets the needs of the modern trader - quick execution at a fair price. So this is something a new trader needs to research before live trading. Test the platorm in different trading conditions (slow and busy markets) and test the customer service speed and quality of answers before registering. LCG prides itself on its 24/5 customer service, with excellent 3rd party reviews.
2) Keeping your funds protected with a regulated broker
It’s important to have legal protection of the money that you put into your online trading account. The best way to ensure legal protection is make sure your broker is regulated. However, not all regulators are created equal. The Financial Conduct Authority (FCA) in the United Kingdom, home to London, the financial capital of the world is amongst the most powerful and respected regulators. Brokers are just like any business and can run into financial trouble, even go out of business. The FCA insists that client funds are segregated from the firm’s funds so that it is kept safe no matter what’s happening to the business.
3) Choose the right broker early
We firmly believe that trading is something anybody who sets their mind to it can be successful at trading, but having a good start is very important for long term success. It’s extremely important to choose the right broker at the first stage of your trading career. Choosing a reliable, regulated broker removes many of the risks associated with the standard of service from your broker and allows you to focus on your trading . LCG has been in business for over 20 years and is committed to providing our clients the ultimate trading experience.